According to statistical data shared on the 15th of August, $SOL became the star of the show by topping out in the altcoin’s performance ratings list, putting almost 30 other cryptocurrencies behind itself.
The data shared highlighted that the altcoin had experienced a 21% gain of value in just a day, in competition with USD. This amazing performance from the altcoin has now enabled it to secure the number 11th position in the list of the top cryptocurrencies, measured by market cap value, with chances to grow even more substantially if things keep going as planned.
Background of $SOL and Solana
$SOL is a native token that originates from the Solana Blockchain. Solana is basically open-source, and its goal is to come up with a blockchain that requires no permissions and performs really swiftly and accurately as well. The project is developed and maintained by the Solana Foundation, which mostly originates from Geneva. The developers at Solana have a pretty strong set of backers by its side that includes Multicoin Capital, Foundation Capital, Abstract Ventures, Slow Ventures, and 500 Startups. As for the main founders, Anatoly Yakovenko is the guy at the top spot, having the title of the creator, and Greg Fitzgerald is another top member that basically operates as the project’s main architectural lead.
Also read:Transaction Speed Goals for Solana
Solana posted an official paper talking about a potential increase in transaction rate as per today’s standards. According to Solana, nearly 700,000 transactions can be completed in just a second if the network connection is based on a Gigabit network and the size of a single transaction is not more than 176 bytes. The team at Solana is optimistic about its future and hopes that someday they can achieve the same amazing transaction rate that they have stated.
As of now, Solana can only process about 50,000 transactions in just a second of time. The current speed of Solana is still very impressive, to say the least, and to make this type of transaction speed work, the team at Solana utilizes a set of 2 mechanisms, one is Proof-of-History, which is responsible for processing transactions in bulk form and the other is Proof-of-Stake, which works to make sure that each block is fully authentic when coming from the Proof-of-History process.
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